Every medical professional would agree that outsourcing medical billing is a tedious and tiresome process. It hinders the flow of practice by involving a copious amount of technicalities and paperwork. Even if we are talking about a small practice with only two to three doctors, the count of patients could easily reach twenty per day.
The number may not seem much. However, the files and data a patient bring with him can be overwhelming for medical practices. A patient can have multiple insurances with different providers, making it difficult for medical practices to handle and optimize all of their patient’s data.
Clearinghouses offer their services to help medical professionals in medical billing.
Clearinghouses work as an intermediary between healthcare providers and insurance companies and verify the information going from the former to the latter.
How do clearinghouse companies work?
Clearinghouse companies check your medical files and medical bills for coding errors. The companies are of major help when it comes to getting the reimbursement you deserve.
Healthcare providers file huge amounts of medical claims on a daily basis, and every provider uses a different electronic system to process information. The insurance companies also have particular guidelines differing from company to company. It makes the process complicated, and a clearinghouse is a solution to this complication.
Why Should Every Practice Benefit from Clearinghouses?
According to a survey conducted by The American Medical Association, it is estimated that almost 42% of doctors will face a malpractice claim at least once in their career. We understand that there is not much a physician can do to fasten up the legal process if you’re caught in a malpractice suit. However, the one thing for sure is that clearinghouses can relieve some of your burdens by providing up-to-date and detailed information.
Moreover, if the situation goes east, you will have easy access to all the information.
Medical professionals are known for their “clear” handwriting. The clarity of their handwriting helps them tackle many situations.
But in all seriousness, the questionable legibility of medical professionals is a legitimate concern. However, you can take care of the problem without breaking a sweat. Clearinghouses have electronic medical records of all your medical bills and other documents that are easily readable by insurance companies.
Do you know what that means? A huge drop in the number of rejected medical claims. Clearinghouses would ensure that there are no misspelled words or unclear statements.
We all have struggled to transfer a claim’s information into the medical billing software. The process is hectic and monotonous. Plus, after filling in the information, you have to print it out and send it to the insurance provider. When the insurance company receives the claim, they scrutinize it for errors. And we know what happens; unfortunately, if they find an error, we are sent back to square one.
It occupies a fair amount of manpower while also draining time. On the other hand, a clearing house can save you and your staff from this repetitive task. Bringing you into the position where you are actually looking after patients instead of completing tedious paperwork.
These days both healthcare providers and insurance companies use billing software. But oftentimes, both of the billing software are not compatible. It can result in both parties verifying their data manually again and again. In contrast, a clearinghouse can bridge the gap between the two, making communication much easier and simpler.
Furthermore, clearinghouses free you from the troubles of stolen checks and lost paperwork. It will allow your staff to focus more on the important tasks for your operations and improve the bottom line.
To Sum Up
The list of benefits clearinghouses offers goes far beyond. The key point here is that Clearinghouse offers unparalleled benefits to medical practices. Be it in claim denials, improving your practice’s efficiency, better documentation, or improved cash flow.
In industries like healthcare, an error as small as a misspelled word can cause noticeable damage. Boosting the importance of clearinghouse companies, ensuring your errors don’t become your nightmares.